Mateusz Morawiecki, the Polish prime minister, unveiled a plan to help borrowers amid rising interest rates.
The proposals presented by Morawiecki at a press conference on Tuesday include four months of credit vacation in 2022 and 2023.
Today, we proposed the measures that will be submitted for several days of consultations, and we are talking about a credit vacation this and next year, which will bring PLN 3 billion EUR 641 million PAP in benefits to Polish borrowers, Morawiecki told reporters.
He said that the Borrowers Support Fund would be increased from 600 EUR 128 mln to 2 billion EUR 427 million.
The government wants to introduce protective measures as soon as possible to help 2 million Polish households pay off loans, according to Morawiecki.
He said that the measures were one of the cornerstones of the anti-Putin shield'' to combat Russia-induced inflation, referring to the effects of Russia's war on Ukraine on the national economy.
Morawiecki also announced changes to WIBOR interest rates used for mortgages.
We are going to introduce mechanisms to help citizens pay off their loans through a lower benchmark. WIBOR will be replaced with a new rate. He said that the cost of this change will amount to around PLN 1 billion EUR 214 million and will be borne by the banking sector.
Morawiecki pledged to increase the profitability of savings and increase interest rates on deposits, as well as increase interest rates on deposits.
In the coming days, I will present a plan that will increase the attractiveness of saving money - PAP by Poles. He said that it would become profitable.
The savings products that are offered by the financial sector as well as the finance ministry are among the planned measures, according to Morawiecki.